April 24, 2024
Silicone Elastomers Market

The Global Silicone Elastomers Market is poised towards rapid growth with increasing demand for Resonance Technology

Silicone elastomers are a special class of rubber-like materials that provide superior elasticity, flexibility and resilience. Made by polymerizing siloxane, a silicon-oxygen chain, silicone elastomers offer high purity, transparency and biocompatibility. They demonstrate excellent corrosion resistance, chemical stability and high-temperature tolerance. Applications include mechanical seals, gaskets, hoses, medical devices, appliances and electronics. The global popularity of smartphones, wearables and electric vehicles has boosted the demand for precision seals and components requiring high-performance silicone elastomers.

The Global Silicone Elastomers Market is estimated to be valued at US$ 11.64 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Silicone Elastomers Market Demand are LG Chemicals Ltd. (South Korea), Cabot Corporation (US), Jiangsu Cnano Technology Co., Ltd. (China), Resonac Corporation (Showa Denko K.K.) (Japan), and Arkema S.A. (France). Key players are focusing on expanding their manufacturing capacity and global footprint through strategic acquisitions and partnerships.

Growing demand for high-performance seals, medical devices and consumer electronics has been driving the consumption of silicone elastomers globally. Expanding automotive industry and increasing usage of wearable technology are expected to accentuate the demand over the coming years.

The global silicone elastomers market is anticipated to witness significant growth owing to expanding operations of key players in Asia Pacific and North America. Rapid industrialization in China and India will augment the regional market during the forecast period.

Market key trends

One of the prominent trends gaining traction in the silicone elastomers market is the increasing demand for resonance technology. The technology utilizes ultrasonic vibrations to imprint micro- and nanostructures onto silicone elastomers. Resonance technology enhanced silicone elastomers find wide application in transdermal drug delivery, advanced wound care, and biosensors due to properties like superior biocompatibility and permeability control. Leading players like Cabot Corporation and Resonac Corporation are actively investing in R&D to widen the scope of applicability of this innovative fabrication method.

Porter’s Analysis

Threat of new entrants: High capital requirements and need for robust technical know-how raise entry barriers for new companies.

Bargaining power of buyers: Large customers can negotiate lower prices but buyers have no substitute and switching costs are high.

Bargaining power of suppliers: Few companies globally supply specialty raw materials and intermediates giving them strong influence on pricing.

Threat of new substitutes: Competing materials like fluorosilicones meet some application needs but silicone elastomers are differentiated by greater flexibility and heat resistance.

Competitive rivalry: Large multinational corporations engages in competitive pricing, product innovation and expansion into high growth applications and markets.

The geographical regions where silicone elastomers market value is concentrated currently are North America and Western Europe. This is due to large scale end-use industries like medical devices, consumer goods and construction which require high volumes of silicone elastomers.

The fastest growing region for the silicone elastomers market during the forecast period is expected to be Asia Pacific. This is because of sharply rising demand from healthcare, automotive, consumer goods and construction sectors in major economies like China, India and Southeast Asian countries. Rapid industrialization and infrastructure development along with growing per capita income is driving massive growth in consumption of silicone elastomers across the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it